VAT Articles

Taxability of Works Contract Under VAT & Service Tax

Posted by Pankaj Gandhi Jaiswal 13 March 2012 633288 Views

STUDY ON TAXABILITY OF WORKS CONTRACT UNDER VAT & SERVICE TAX In order to constitute a works contract, two basic cumulative conditions need to be satisfied, i) there must be a transfer of property goods involved in the execution of spe

Tax Invoice defined in Value Added Tax Act

Posted by Third Eye Advisory 26 February 2012 50157 Views

Tax Invoice Section 86 One of distinguishing features of VAT Act is the provision for Tax Invoice. There can be two types of sale invoice; Tax Invoice and other than Tax Invoice; i.e., bills, normal in

DVAT for works contractors - Jargon simplified

Posted by CA Ankit Gulgulia (Jain) 13 February 2012 192633 Views

Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As

Is your MVAT Audit complete?

Posted by CA Umesh Sharma 20 January 2012 50195 Views

Why this type of topic? Recently amendment is made in the Section 61 of the Maharashtra Value Added Tax Act, 2002 for levy of Penalty for incomplete audit report. First time in

Depreciation allowable deduction from works contract

Posted by Amit Bajaj 13 January 2012 29554 Views

There are two components in every works contract one is material component and other is labour component. Material incorporated in a works contract is considered as deemed sales to the contractee and hence is liable to VAT or sales t

Taxation of Hawala Transaction Under Vat

Posted by CA Umesh Sharma 18 October 2011 42549 Views

Hawala dealers are registered dealers. These dealers do not carry on business, but they provide false bills signed by them. They issue C forms and other requi

No disallowance of ITC to Innocent purchase for non payment

Posted by Amit Bajaj 08 October 2011 10914 Views

Innocent purchaser cannot be disallowed ITC for non payment of tax by seller-Landmark Judgement by P&H HC The Punjab & Haryana High court has delivered a landmark judgment namely Gheru Lal Bal Chand Vs. State of Haryana and another on 23/0

Applicability of VAT or CST on interstate works contract

Posted by Amit Bajaj 19 September 2011 76024 Views

In this article an attempt has been made to clarify the position in regard to the levy of VAT or CST on inter-state works contracts. The State Governments have the power under entry 54 of the State List of the Seventh Schedule to the Constitution

VAT on BOT contracts - A view point

Posted by Amit Bajaj 05 September 2011 13483 Views

The concept of Public-Private partnership in infrastructural development has given rise to the concepts of BOT contracts. BOT contract means Build-Operatre-Transfer, i.e the contractor is given a contract to build some infrastructure out of his

Issues in MVAT Act on the eve of Independence Day

Posted by CA Umesh Sharma 16 August 2011 14122 Views

SOME ISSUES IN MVAT ACT, ON THE EVE OF INDEPENDENCE DAY TIME TO ACT TOGETHER BY ALL INDUSTRIES AND TRADE BODIES Wish you all a very Happy Independence Day, the mood in our country is set against the